Hong Kong’s property tycoons face a worsening outlook, with house prices forecast to drop by as much as 10 per cent this year, after pandemic restrictions hit the city’s economy and drove residents out of the territory.
The softer prices come after a series of developers, including Henderson Land, which is owned by Hong Kong’s second-richest man Lee Shau-kee, recorded sharp dips in revenue in 2021.
Hong Kong’s property tycoons have amassed billions as a result of their near-monopoly over some of the world’s most valuable real estate. But the revenue drop reflects economic disruption caused by the territory following Beijing’s zero-Covid policies.
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